Quick Mortgage Tips for Home Loans,​ Equity Loans,​ Reverse Loans,​ CashOut Loans and Refinance LoansIf youre considering a​ mortgage loan,​ you​ might be wondering what options are available. Today,​ there are many options besides the​ conventional methods of​ obtaining a​ mortgage. Whether youre applying for a​ home loan for a​ new home,​ a​ refinance loan,​ an equity loan,​ a​ HELOC,​ or​ a​ reverse loan,​ you​ should be aware of​ what each loan entails. Buying a​ New HomeWhen buying a​ new home,​ youll need to​ be approved for a​ new home loan through a​ lender,​ or​ ask the​ seller to​ finance the​ home for you. Before applying at​ a​ lending institution,​ research your options. Determine how much house you​ can afford. Use online mortgage payment calculators to​ figure what the​ payments would be for different home loan amounts. Then,​ youll know what price range you​ can shop within,​ and whether or​ not you​ can afford the​ payments. Remember,​ your income/debt ratio must fit within the​ lenders guidelines to​ qualify for a​ conventional loan. Healthy and Notsohealthy Credit ScoresIf you​ have an excellent credit score,​ then your income/debt ratio along with the​ investment capital you​ have available will be the​ main factors in​ determining home loan availability. However,​ if​ there are flaws in​ your credit history due to​ nonpayment or​ repossession,​ you​ will be limited in​ the​ type of​ home loan you​ can obtain. But dont lose heart. Many homebuyers whose credit is​ notsogreat do qualify for nonprime loans. Nonprime loans can be a​ bit higherpriced than prime loans or​ have higher interest,​ but you​ might still be able to​ buy your dream home!Creative FinancingDont settle for conventional loans if​ you​ dont have to. There are many creative ways to​ finance a​ new home loan. if​ you​ do not have the​ needed investment capital or​ a​ down payment,​ some lenders will finance the​ down payment for you​ as​ well as​ the​ closing costs. if​ not,​ the​ seller might be willing to​ finance part of​ the​ loan to​ cover these costs. This can work even if​ the​ seller doesnt have extra money to​ lend! Explain to​ the​ seller that it​ could be advantageous to​ him because of​ income taxes. He might much rather claim an income of​ $100,​000 than $120,​000! Spreading out payments for $20,​000 of​ the​ loan amount over a​ period of​ five or​ ten years could make a​ huge difference on​ his taxes due for that year. Consult with an accountant to​ find out if​ this could work in​ your situation. Unusual Types of​ Home LoansIf youre worried about budgeting with a​ new home loan payment each month,​ try a​ FlexPay loan where several monthly payment options are available to​ you​ every month. These options include interest only payments,​ fullamortized payments,​ and minimum payments. There are also biweekly mortgages for paying more toward your premium each year through a​ biweekly payment schedule. Hard Money loans are also available when there is​ a​ large amount of​ equity built up in​ a​ home. the​ loan approval is​ based more on​ the​ home or​ propertys value than the​ borrowers credit history or​ job/salary history. Refinance LoansIf you​ plan to​ refinance your home,​ there are several options. a​ refinance means you​ are reevaluating the​ terms,​ payments and interest of​ your loan. you​ might refinance to​ simply get the​ interest rate or​ payment lowered. Or,​ you​ might want to​ keep a​ little cash out for yourself as​ well. This is​ called Cashout refinancing. Cashout loans are made when you​ want to​ refinance your home for more than is​ owed on​ it. For instance,​ you​ owe $60,​000,​ but want to​ refinance for $80,​000. Youll pocket the​ additional $20,​000 to​ use for home repairs,​ remodeling or​ whatever else!Reverse loans are available for those over 62 years of​ age who own their home free and clear or​ have much equity built into it. They can receive a​ monthly payment,​ a​ lump sum or​ a​ line of​ credit. This does not have to​ be repaid until the​ borrower moves or​ passes away. Then,​ the​ estate can be sold to​ pay the​ note. Another option for leveraging your home equity is​ to​ create a​ HELOC home equity line of​ credit that is​ secured by the​ equity in​ your home. HELOCs can be used to​ pay debts,​ make purchases,​ or​ anything else. Be aware,​ however,​ that the​ interest rate can fluctuate monthly. Now that you​ are armed with many options for obtaining a​ home loan or​ refinancing your mortgage,​ check with an online lender to​ find out what plan will work best for you. Use the​ available tools and calculators to​ do some budgeting on​ your own as​ well. Youll be moving in​ that new dream home in​ no time!